TLDR
- Revolut received a full UK banking license, supervised by the PRA and FCA
- Eligible customer deposits are now protected up to £120,000 ($160,000) under the FSCS
- A new entity called Revolut Bank UK Ltd. has been created; account migration begins in coming months
- Crypto trading, stocks, and commodities remain under separate Revolut entities
- Revolut has also applied for banking licenses in the US and Peru
Revolut, the London-based fintech company, officially received a full UK banking license on Wednesday. The approval came from the Prudential Regulation Authority (PRA), the same body that oversees traditional UK banks.
We’re now officially a fully licensed bank in the UK.
As a bank, we’ll soon offer accounts protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person on eligible deposits.
It also means we’ll be able to launch more banking features in the future… pic.twitter.com/fH7K2TQLDd
— Revolut (@Revolut) March 11, 2026
The company set up a new entity called Revolut Bank UK Ltd. to hold the license. Existing UK customers will be migrated to the new account structure over the coming months.
This marks the end of a process that started years ago. Revolut first received a restricted UK license in 2024 and entered a mobilization stage, a standard phase for new banks before full approval.
Customer accounts will move in stages. Users will be notified by email or in-app message when their account is ready to transfer.
Revolut is valued at around $75 billion following a funding round in November. The company has over 10 million UK customers.
What Deposit Protection Means for Customers
Under the new license, eligible customer deposits will be protected by the Financial Services Compensation Scheme (FSCS). This covers up to £120,000 per person if the bank fails.
The FSCS works similarly to the FDIC in the United States, which protects US bank deposits up to $250,000. Before this license, Revolut customers did not have this protection on their main balances.
Account numbers, sort codes, and IBAN details will not change during the migration. Past transactions and statements will still be visible in the app.
Savings balances will continue to be held with partner banks. Each partner bank carries its own FSCS coverage limits, separate from the new banking entity.
Crypto and Stock Services Remain Outside the Bank
Crypto trading, stock trading, and commodities will not move into the new banking entity. These services will continue to run through separate Revolut entities under different regulatory frameworks.
The new bank is expected to expand into lending and other financial products in the future. Revolut said the license sets the stage for a “wider range” of services.
Revolut also applied for a federal banking charter in the United States in January. A separate application was filed for a banking license in Peru at the same time.
The US charter application reflects a wider trend of crypto and fintech companies seeking traditional banking status. Revolut joins a small group of fintechs attempting to operate as full banks across multiple jurisdictions.
The UK license approval is the most concrete regulatory milestone Revolut has reached to date. Full migration of UK customer accounts is expected to take several months to complete.
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